KWAP's RM163 million loss highlights red flags in due diligence, decision-making and 'FOMO' behaviour

The staggering loss of hundreds of millions of ringgit by the government's Kumpulan Wang Persaraan (KWAP) to an Indonesian start-up company convicted of fraud spanning several countries has raised questions over the fund's investment strategy, more than a decade after it was embroiled in the 1MDB scandal over a hefty loan to SRC International.

But unlike the RM4 billion which was fully repaid on the back of a federal government guarantee, KWAP's RM163.4 million investment three years ago in Indonesian aquaculture start-up eFishery may never be recovered.

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